Housing
Since the Start of the Pandemic, Home Prices Have More Than Doubled in These Ohio Cities
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24/7 Wall St. Insights
- Since the start of the COVID-19 pandemic, supply and demand dynamics have sent home prices surging by nearly 38% nationwide and about 52% in Ohio.
- But location matters in the U.S. housing market, and in some parts of Ohio, list price increases have been far more modest than in others.
- Also: 2 Dividend Legends To Hold Forever
The COVID-19 pandemic was a public health crisis of a scale and magnitude unlike any other in recent American history. Though more than a year has passed since the end of the COVID-19 national emergency, the U.S. is still grappling with many of the pandemic’s economic knock-on effects — most notably, surging housing costs. According to data from Realtor.com, the median list price among all homes on the market in the U.S. was $439,950 in July 2024, up nearly $121,000 from the beginning of the pandemic in March 2020.
Due to pandemic-related work restrictions, in addition to supply chain issues, new-home construction has not kept pace with demand in recent years, exacerbating an already decades-old housing shortage. According to estimates from The Pew Charitable Trusts, closing the gap would require between 4 to 7 million new homes. Now, with mortgage rates at historic highs, many homeowners who are locked in at lower rates are reluctant to sell, further limiting housing inventory.
The surge in home prices has been driven not only by supply constraints, but also rising demand. The shift to remote work, in addition to social distancing rules, confined millions of Americans to their homes during the pandemic — and resulted in a spike in home sales. In October 2020, the sales volume of new, single-family homes topped 1.03 million, a high not seen in nearly a decade and a half.
Few parts of the country have been spared from surging home prices. In Ohio, the median list price among all homes on the market was $286,500 in July 2024, up 51.7% — or $97,600 — from the start of the pandemic. (Here is a look at the most affordable housing market in each state.)
Notably, when it comes to the housing costs, location matters — and in some parts of Ohio, housing prices have climbed much faster than average. In others, meanwhile, increases have been far more modest. Of the 32 metropolitan and combined statistical areas in the state with available data, median list prices have increased anywhere from 21.2% to 130.3% since the start of the pandemic. In these same communities, a typical home now costs anywhere from $45,750 to $149,225 more than it did in March 2020. (Here is a look at the 23 cities where most homes are selling for less than $125,000).
It is important to note that the cities reporting the most significant increases in home prices are not necessarily the most expensive cities in which to buy a home. For example, there are three Ohio metro areas where most homes were listed for over $300,000 in July 2024, and none of them rank among the 10 cities on this list with the largest price increases.
This is how home prices have changed since the pandemic in every city in Ohio. Cities are ranked by the percent change in the media list prices from March 2020 to July 2024.
Why It Matters
Since the start of the pandemic, limited supply and rising demand have fueled a surge in home prices. Now, with mortgage rates at their highest levels in over a decade, many would-be sellers are staying out of the market, further exacerbating a long-standing inventory shortage. Historically, homeownership has been a reliable means of building wealth — but rising prices and elevated borrowing costs have priced millions of Americans out of the market. Still, location matters in the real estate business, and some parts of Ohio have borne the brunt of rising prices, while others have been largely shielded.
32. Cincinnati, OH-KY-IN
- Change in median list price since start of pandemic: +21.2% (+$63,450)
- Median home list price: $362,450 in July 2024; $299,000 in March 2020
- Median list price per square foot: $188 in July 2024; $132 in March 2020
- Size of a typical listed home: 1,843 sq. ft. in July 2024; 2,096 sq. ft. in March 2020
31. Cambridge, OH
- Change in median list price since start of pandemic: +28.9% (+$45,750)
- Median home list price: $204,000 in July 2024; $158,250 in March 2020
- Median list price per square foot: $135 in July 2024; $85 in March 2020
- Size of a typical listed home: 1,762 sq. ft. in July 2024; 1,834 sq. ft. in March 2020
30. Cleveland-Elyria, OH
- Change in median list price since start of pandemic: +34.6% (+$70,050)
- Median home list price: $272,450 in July 2024; $202,400 in March 2020
- Median list price per square foot: $145 in July 2024; $99 in March 2020
- Size of a typical listed home: 1,908 sq. ft. in July 2024; 1,966 sq. ft. in March 2020
29. Findlay, OH
- Change in median list price since start of pandemic: +39.6% (+$85,000)
- Median home list price: $299,900 in July 2024; $214,900 in March 2020
- Median list price per square foot: $156 in July 2024; $114 in March 2020
- Size of a typical listed home: 1,977 sq. ft. in July 2024; 1,909 sq. ft. in March 2020
28. Marietta, OH
- Change in median list price since start of pandemic: +40.1% (+$70,575)
- Median home list price: $246,575 in July 2024; $176,000 in March 2020
- Median list price per square foot: $135 in July 2024; $91 in March 2020
- Size of a typical listed home: 2,025 sq. ft. in July 2024; 1,974 sq. ft. in March 2020
27. Dayton-Kettering, OH
- Change in median list price since start of pandemic: +41.3% (+$75,275)
- Median home list price: $257,450 in July 2024; $182,175 in March 2020
- Median list price per square foot: $152 in July 2024; $98 in March 2020
- Size of a typical listed home: 1,674 sq. ft. in July 2024; 1,686 sq. ft. in March 2020
26. Sandusky, OH
- Change in median list price since start of pandemic: +46.9% (+$114,350)
- Median home list price: $358,075 in July 2024; $243,725 in March 2020
- Median list price per square foot: $194 in July 2024; $131 in March 2020
- Size of a typical listed home: 1,929 sq. ft. in July 2024; 1,854 sq. ft. in March 2020
25. Youngstown-Warren-Boardman, OH-PA
- Change in median list price since start of pandemic: +58.3% (+$69,950)
- Median home list price: $189,950 in July 2024; $120,000 in March 2020
- Median list price per square foot: $119 in July 2024; $74 in March 2020
- Size of a typical listed home: 1,683 sq. ft. in July 2024; 1,673 sq. ft. in March 2020
24. Canton-Massillon, OH
- Change in median list price since start of pandemic: +58.9% (+$100,000)
- Median home list price: $269,900 in July 2024; $169,900 in March 2020
- Median list price per square foot: $139 in July 2024; $91 in March 2020
- Size of a typical listed home: 1,857 sq. ft. in July 2024; 1,778 sq. ft. in March 2020
23. Akron, OH
- Change in median list price since start of pandemic: +60.9% (+$97,450)
- Median home list price: $257,400 in July 2024; $159,950 in March 2020
- Median list price per square foot: $147 in July 2024; $94 in March 2020
- Size of a typical listed home: 1,795 sq. ft. in July 2024; 1,708 sq. ft. in March 2020
22. Portsmouth, OH
- Change in median list price since start of pandemic: +61.0% (+$70,725)
- Median home list price: $186,725 in July 2024; $116,000 in March 2020
- Median list price per square foot: $116 in July 2024; $76 in March 2020
- Size of a typical listed home: 1,555 sq. ft. in July 2024; 1,582 sq. ft. in March 2020
21. Toledo, OH
- Change in median list price since start of pandemic: +62.0% (+$105,025)
- Median home list price: $274,500 in July 2024; $169,475 in March 2020
- Median list price per square foot: $154 in July 2024; $102 in March 2020
- Size of a typical listed home: 1,663 sq. ft. in July 2024; 1,641 sq. ft. in March 2020
20. Bellefontaine, OH
- Change in median list price since start of pandemic: +63.8% (+$101,225)
- Median home list price: $259,900 in July 2024; $158,675 in March 2020
- Median list price per square foot: $195 in July 2024; $121 in March 2020
- Size of a typical listed home: 1,472 sq. ft. in July 2024; 1,409 sq. ft. in March 2020
19. Salem, OH
- Change in median list price since start of pandemic: +67.9% (+$74,300)
- Median home list price: $183,750 in July 2024; $109,450 in March 2020
- Median list price per square foot: $112 in July 2024; $73 in March 2020
- Size of a typical listed home: 1,545 sq. ft. in July 2024; 1,564 sq. ft. in March 2020
18. Chillicothe, OH
- Change in median list price since start of pandemic: +68.9% (+$111,525)
- Median home list price: $273,500 in July 2024; $161,975 in March 2020
- Median list price per square foot: $161 in July 2024; $103 in March 2020
- Size of a typical listed home: 1,752 sq. ft. in July 2024; 1,544 sq. ft. in March 2020
17. Lima, OH
- Change in median list price since start of pandemic: +74.5% (+$99,750)
- Median home list price: $233,700 in July 2024; $133,950 in March 2020
- Median list price per square foot: $133 in July 2024; $87 in March 2020
- Size of a typical listed home: 1,709 sq. ft. in July 2024; 1,597 sq. ft. in March 2020
16. New Philadelphia-Dover, OH
- Change in median list price since start of pandemic: +76.5% (+$112,275)
- Median home list price: $258,950 in July 2024; $146,675 in March 2020
- Median list price per square foot: $129 in July 2024; $82 in March 2020
- Size of a typical listed home: 2,128 sq. ft. in July 2024; 1,757 sq. ft. in March 2020
15. Wapakoneta, OH
- Change in median list price since start of pandemic: +78.3% (+$124,075)
- Median home list price: $282,500 in July 2024; $158,425 in March 2020
- Median list price per square foot: $161 in July 2024; $102 in March 2020
- Size of a typical listed home: 1,784 sq. ft. in July 2024; 1,577 sq. ft. in March 2020
14. Zanesville, OH
- Change in median list price since start of pandemic: +78.9% (+$117,750)
- Median home list price: $267,050 in July 2024; $149,300 in March 2020
- Median list price per square foot: $139 in July 2024; $82 in March 2020
- Size of a typical listed home: 2,117 sq. ft. in July 2024; 1,754 sq. ft. in March 2020
13. Washington Court House, OH
- Change in median list price since start of pandemic: +79.5% (+$117,275)
- Median home list price: $264,725 in July 2024; $147,450 in March 2020
- Median list price per square foot: $152 in July 2024; $82 in March 2020
- Size of a typical listed home: 1,870 sq. ft. in July 2024; 1,687 sq. ft. in March 2020
12. Mount Vernon, OH
- Change in median list price since start of pandemic: +84.0% (+$147,000)
- Median home list price: $321,950 in July 2024; $174,950 in March 2020
- Median list price per square foot: $197 in July 2024; $98 in March 2020
- Size of a typical listed home: 2,018 sq. ft. in July 2024; 1,712 sq. ft. in March 2020
11. Wilmington, OH
- Change in median list price since start of pandemic: +86.9% (+$121,550)
- Median home list price: $261,450 in July 2024; $139,900 in March 2020
- Median list price per square foot: $153 in July 2024; $97 in March 2020
- Size of a typical listed home: 1,767 sq. ft. in July 2024; 1,648 sq. ft. in March 2020
10. Ashtabula, OH
- Change in median list price since start of pandemic: +89.8% (+$125,575)
- Median home list price: $265,475 in July 2024; $139,900 in March 2020
- Median list price per square foot: $151 in July 2024; $86 in March 2020
- Size of a typical listed home: 1,709 sq. ft. in July 2024; 1,509 sq. ft. in March 2020
9. Greenville, OH
- Change in median list price since start of pandemic: +90.2% (+$122,800)
- Median home list price: $259,000 in July 2024; $136,200 in March 2020
- Median list price per square foot: $148 in July 2024; $86 in March 2020
- Size of a typical listed home: 1,777 sq. ft. in July 2024; 1,753 sq. ft. in March 2020
8. Norwalk, OH
- Change in median list price since start of pandemic: +90.5% (+$119,725)
- Median home list price: $251,950 in July 2024; $132,225 in March 2020
- Median list price per square foot: $137 in July 2024; $80 in March 2020
- Size of a typical listed home: 1,773 sq. ft. in July 2024; 1,652 sq. ft. in March 2020
7. Jackson, OH
- Change in median list price since start of pandemic: +91.8% (+$118,300)
- Median home list price: $247,225 in July 2024; $128,925 in March 2020
- Median list price per square foot: $140 in July 2024; $77 in March 2020
- Size of a typical listed home: 1,743 sq. ft. in July 2024; 1,556 sq. ft. in March 2020
6. Urbana, OH
- Change in median list price since start of pandemic: +99.6% (+$141,500)
- Median home list price: $283,500 in July 2024; $142,000 in March 2020
- Median list price per square foot: $161 in July 2024; $86 in March 2020
- Size of a typical listed home: 1,854 sq. ft. in July 2024; 1,656 sq. ft. in March 2020
5. Springfield, OH
- Change in median list price since start of pandemic: +107.5% (+$113,687)
- Median home list price: $219,400 in July 2024; $105,713 in March 2020
- Median list price per square foot: $150 in July 2024; $80 in March 2020
- Size of a typical listed home: 1,534 sq. ft. in July 2024; 1,450 sq. ft. in March 2020
4. Sidney, OH
- Change in median list price since start of pandemic: +117.5% (+$148,525)
- Median home list price: $274,925 in July 2024; $126,400 in March 2020
- Median list price per square foot: $159 in July 2024; $82 in March 2020
- Size of a typical listed home: 1,692 sq. ft. in July 2024; 1,708 sq. ft. in March 2020
3. Bucyrus-Galion, OH
- Change in median list price since start of pandemic: +119.1% (+$93,725)
- Median home list price: $172,400 in July 2024; $78,675 in March 2020
- Median list price per square foot: $134 in July 2024; $62 in March 2020
- Size of a typical listed home: 1,534 sq. ft. in July 2024; 1,536 sq. ft. in March 2020
2. Marion, OH
- Change in median list price since start of pandemic: +119.6% (+$100,600)
- Median home list price: $184,725 in July 2024; $84,125 in March 2020
- Median list price per square foot: $129 in July 2024; $73 in March 2020
- Size of a typical listed home: 1,627 sq. ft. in July 2024; 1,429 sq. ft. in March 2020
1. Van Wert, OH
- Change in median list price since start of pandemic: +130.3% (+$149,225)
- Median home list price: $263,725 in July 2024; $114,500 in March 2020
- Median list price per square foot: $134 in July 2024; $72 in March 2020
- Size of a typical listed home: 1,696 sq. ft. in July 2024; 1,651 sq. ft. in March 2020
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